Total value of real estate projects under construction

posted @ 12:00am, Monday 23 February 2009.

Dubai- The total value of real estate projects under construction in the GCC is more than USD 2.39 trillion, reports FutureBrand - a REIDIN.com Information Partner. In addition, investments from across the GCC into the Dubai real estate market have crossed AED 5 billion in 2008, thereby underlining the emirate’s strong pull among regional real estate players and its role in driving the UAE’s position in global land sales rankings, where it currently holds the fourth highest spot. A comprehensive collection of reports and data on real estate deals and transactions within Dubai is being offered by REIDIN.com, the world’s first and leading global online information services provider, through its product DUBAIFocus’, the first exclusive online information product that tracks real estate deals and transactions in Dubai.

In 2008, the UAE has accounted for 5.8 per cent of worldwide land sales, which also reflected an increase of 1.348 per cent since 2007, according to FutureBrand. The highest total GCC investment into Dubai came from the Saudi Arabian investors, who pumped over AED 2 billion into the market, followed by Kuwaiti investors, who have shelled out more than AED 1 billion. Although a distant third, Omani investments into the Dubai real estate sector have topped AED 818 million, which is followed by Bahraini and Qatari investors, who have injected AED 615 million and AED 117 million respectively into the emirate’s property market. Despite a projected slowdown on the UAE economy’s growth from an expected 7.7 per cent in 2008 to 1.5 per cent in 2009, real estate investments are still continuously being funnelled from various GCC countries, which indicate strong consumer trust in the market.

With an ever-growing repute as one of the top destinations for multibillion dollar developments, Dubai plays a pivotal role in the growth of the real estate market within the GCC. Although there are speculations of a drop on the GCC’s gross domestic product (GDP) in 2009 from 6 per cent to a minimal 2.8 per cent, continuous activity within Dubai’s real estate sector can still be expected due to the government’s efforts to soften the impact of the credit crunch by ensuring liquidity and supporting major developments.